What typically happens during a closing in a real estate transaction?

During a closing in a real estate transaction, the buyer officially takes possession of the property, which marks the culmination of the purchase process. At this stage, various important actions occur: the buyer and seller finalize the paperwork, payments are made, and titles are transferred, enabling the buyer to become the new owner. This moment signifies the legal transition of ownership, which is a key aspect of the transaction.

The other options refer to activities that either occur before the closing or do not directly pertain to the closing process itself. Listing the property for sale and appraisals are typically part of the preliminary phases of the transaction. A mortgage being denied represents a failure in the financing process, which generally happens prior to closing and can prevent the transaction from moving forward.